Josour Company’s establishing procedures finished: Ministry

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Sun, 13 Aug 2017 - 08:50 GMT

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Sun, 13 Aug 2017 - 08:50 GMT

Saudi sheikh Saleh Kamel (R) and Minister of Investment Sahar Nasr (L) - File photo

Saudi sheikh Saleh Kamel (R) and Minister of Investment Sahar Nasr (L) - File photo

CAIRO – 13 August 2017: Procedures to establish Saudi Arabian Josour Company were finished, official sources, requested to remain anonymous, disclosed Sunday.
The move occurred as Minister of Investment Sahar Nasr ordered concluding the procedures of founding the company, to help attract more Arab investments over the coming period.

Announced by Saudi business tycoon Sheikh Saleh Kamel, Josour Company was first announced in November 2014, to hold a capital of LE 4 billion.

The company will invest in the Suez Canal projects such as ports, maritime activities, shipping and unloading processes.

It will also be specialized in building warehouses and logistics zone to facilitate trade movement between two states.

Egypt’s net foreign direct investment (FDI) declined $500 million in the second quarter of 2017, recording $2.27 billion, compared to $2.77 billion in Q2 2016, the Central Bank of Egypt (CBE) said in its monthly report.

Arab countries injected $300.8 million in total FDI, with the United Arab Emirates topping the list with $161.1 million, followed by Saudi Arabia at $37.7 million.
FDI in Egypt is expected to have risen to about $8.7 billion in the 2016-17 fiscal year.

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